Private-equity firm First Reserve has acquired the Mariah North Wind project from Mariah Acquisition. Upon completion, Mariah North Wind is expected to generate 230 MW of wind power, serving the Electric Reliability Council of Texas (ERCOT) market in Parmer County, Texas, with a 13-year, fixed-price hedge for its power production.
The project will also include a 27-mile, 345 kV transmission line to interconnect with the ERCOT competitive renewable energy zone system and is the first phase of an expected 600 MW development.
The terms of the transaction were not disclosed.
The acquisition adds to First Reserve’s wind power portfolio, which is expected to generate a gross total of more than 1,100 MW. The acquisition also further geographically diversifies the firm’s wind power exposure, which now spans several states in the U.S., as well as Mexico, Spain and Hungary.
Mariah Acquisition will continue to oversee project development and will partner with affiliate Harvest Energy Services Inc. to construct and operate the approximately $350 million facility. The developers will maintain a minority interest in the project during the operating period.
The project is expected to be operational by the end of this year.